The role of pension and social security system transcends payment of retirement benefits, the Director-General of the National Pension Commission (PenCom), Chinelo Anohu-Amazu, says.
Anohu-Amazu said that the role extended to eradicating old age poverty, creation of employment and stimulating growth of local economies.
She said this at the session for African Pension Awards held as part of the just concluded World Pension Summit Africa Special.
Anohu-Amazu said that pension and social security system serves as catalysts for generating pool of long term investible fund that could be used for economic development, adding: “Given the current global economic challenges occasioned by the drop in commodity prices, the funds generated under viable pension schemes have become veritable sources of financial intermediation in the efforts being made to diversify these economies towards economic growth.”
The PenCom and Premium Pension Limited, Axis Pension Trust Limited and Stanbic IBTC Pension Managers Limited bagged awards for innovations in the pension industry.
The Summit awarded PenCom “Social Economic Impact Award” for leading reforms in the pension industry in Nigeria.